In order to determine the effects of drought and rehydration on dry matter accumulation and distribution in various organs and grain yield of winter wheat, ‘Jimai 22’ was selected as the research object, and 100%(CK), 80%(T1), 50%(T2), 25%(T3) and 0%(T4) of the normal water supply (75 mm) were irrigated at jointing stage (April 2), and rewatered at the flowering stage (April 26) until the soil relative humidity reached 90 %. The dry matter mass and total dry matter mass of each organ of the plant in the two growth stages were measured, as well as the final yield of each treatment. The results showed that dry matter allocation ratio of winter wheat leaves decreased under drought stress at jointing stage, dry matter allocation ratio of stem and ear increased, dry matter allocation ratio of leaf sheath did not change much, and dry matter allocation ratio of all organs recovered to the same level as control after rehydration. The total dry matter weight of winter wheat treated with T1, T2, T3 and T4 decreased by 11.3%, 16.0%, 24.2% and 35.0% compared with CK, and the dry matter weight per spike decreased by 15.7%, 20.0%, 26.6% and 32.0%. The pre-flowering dry matter transport and transport rate of leaves were significantly decreased, while the pre-flowering dry matter transport rate of leaf sheath and stem was significantly increased. Compared with the control, the yield of winter wheat under T1, T2, T3 and T4 treatments decreased by 16.2%, 24.4%, 29.4% and 33.0%, the number of grains per spike decreased by 9.9%, 11.6%, 20.0% and 23.3%, and the sterile spike rate increased by 6.2, 7.5, 9.6 and 8.1 percentage points, respectively. It had little effect on 1000-grain weight and spikelet number. In conclusion, drought at jointing stage leads to dry matter distribution to storage organs such as stems and panicle, and the total dry matter weight and panicle dry matter weight decreased significantly after rehydration, and the greater the degree of drought stress, the greater the range of change. Drought stress at jointing stage resulted in the decrease of panicle number, the increase of sterile panicle rate and the decrease of yield.